Replies to This Discussion

Permalink Reply by Frank Mir on December 15, 2010 at 4:36pm

I had  the same sceniro with BOA on a second home with PMI and received full deficeincy waiver with $5,000 cash contribution.......

• ▶ Reply

Permalink Reply by Jeff Payne on December 16, 2010 at 5:48am

The PMI companies are tough to deal with.  They have to pay a claim and want to recoup as much as they can.  If you can get it done for $2000, you are doing great!   Most likely you can settle with a promissory note

• ▶ Reply

Permalink Reply by Diane Rogers on December 16, 2010 at 11:33am

Thanks Frank & Jeff.  Maybe this is a silly question...  Can the buyer come up with some or all of the funds on behalf for the seller??  My clients are saying they have "no money..."

• ▶ Reply

Permalink Reply by Smitty on December 16, 2010 at 3:57pm

Diane,

I can't speak for GMAC or BOA but Indy Mac allowed the buyer to contribute some money, so I think it's possible. 

• ▶ Reply

Permalink Reply by Wendy Rulnick on December 17, 2010 at 12:58pm

It depends on the MI company.  Sometimes they insist on the seller paying, since the seller owes the money...  Ask.

Diane Rogers said:

Thanks Frank & Jeff.  Maybe this is a silly question...  Can the buyer come up with some or all of the funds on behalf for the seller??  My clients are saying they have "no money..."

• ▶ Reply

Permalink Reply by Laura Marshall on December 22, 2010 at 1:51pm

And try to find out who the PMI company is. I had one with Suntrust and Genworth was the PMI company. I was able to deal with them directly and my client did not have to cntribute any money or sign a note.  I had one with Radian and they wanted a $75,000 note from a homeowner who made $900 per month (In Southern California).  It's always nice to be able to go to the source when necessary.

• ▶ Reply